Bitcoin is On the Cusp of an Explosive Movement as Exchanges Face Mass Exodus

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Bitcoin’s prolonged bout of sideways trading seen throughout the past couple of days may soon be coming to an end, as analysts are now noting that several technical factors point to the possibility that an explosive movement is imminent.

This also comes alongside a mass exodus of Bitcoin from exchanges, according to new data, which may be a sign that investors had been accumulating throughout the cryptocurrency’s recent downtrend and are now beginning to move their crypto to cold storage.

If this is the case, the recent accumulation may be a sign that this next bout of heightened volatility will favor buyers.

Bitcoin Inches Higher as Analysts Watch for Fireworks 

At the time of writing, Bitcoin is trading up just under 1% at its current price of $6,750, which is around where it has been trading at throughout the past couple of days.

This consolidation comes close on the heels of BTC’s recent uptrend, which led it to rally from lows within the $3,000 region to highs of $6,900. The resistance at this region has so far proven to be insurmountable, although consolidation beneath resistance is a historically bullish sign.

Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the benchmark cryptocurrency’s Bollinger Bands are starting to pinch – a sign that a major movement is imminent.

“Bitcoin 4 hour – BB’s starting to pinch, expect volatility soon. Get the popcorn ready,” he explained.

$BTC #Bitcoin 4 hour – BB’s starting to pinch, expect volatility soon.
Get the popcorn ready 
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